• Korea Trade Review
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• v.44 no.6
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• pp.201-216
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• 2019

At present, there are various standards used as the governing law of contracts for establishing, implementing, and resolving disputes between the parties to international sales contracts, called "Forum Shopping." Uncertainty and increased transaction costs, which may arise from these various norms, may hinder the activation of international commerce. This study examines the process of enacting and examining various international unification norms that have emerged through international organizations to eliminate trade barriers caused by choice of governing law concerning parties involved in the international sale of goods. Issues regarding the positive and negative perspectives are discussed to identify obstacles to international unification norms. In particular, by comparing and analyzing the differences between the regulations of the CISG and PICC, the representative international unification norms on international sales contracts, the possibility of unification of the norms on international sales contracts are reviewed. Direction for the establishment of a single international regulation is presented for reducing the transaction costs and uncertainties in the international sale of goods.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.64
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• pp.3-37
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• 2014

The purpose of this paper is to examine thoroughly on passing of risk in contracts for the international sale of goods. Articles 66~70 of the CISG contain provisions on passing of risk. Article 66 states the main effect of passing risk to the buyer. Article 67~69 determine the decisive point in time which the risk passes from the seller to the buyer and article 70 attempts to explain the relation between passing of risk and fundamental breach of contract by the seller. As in the case corresponding Incoterms rules, the main issue to be resolved is which party should bear the economic consequences in the event that the goods are accidentally lost, damages or destroyed. Many cases also apply CISG articles 66~70 to contracts in which parties not agree on the use of trade terms such as CIF, CFR, FOB and FCA in Incoterms[R] 2010 Rule that provide for when the risk passes. In order to minimize disputes that may arise under contract, when drawing up a contracts for the international sale of goods, the specifics of agreement should be clearly stipulated. Consequently, the parties of contracts for the international sale of goods should take adequate measures, and it is required to prepare the contracts clearly as the specific terms to prevent and resolve contractual disputes on passing of risk.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.6
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• pp.110-119
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• 2018

Blockchain technology has been highly evaluated for its contracts (contracts for sale, real estate contracts) because of its excellent security, including integrity and non-repudiation. In a blockchain, these contract services can be developed using a technology called a smart contract, and several blockchain platforms provide a programming language for developing smart contracts. Bitcoin and Ethereum, typical blockchain platforms, provide the Bitcoin Scripts and Solidity languages. Using these programming languages, we can develop the smart contract, a digital contract that can be processed dynamically. Smart contracts are being developed in a variety of areas, but studies of designs based on a blockchain are insufficient. In this paper, we propose a meta-model and a static/dynamic design method based on Unified Modeling Language (UML) for smart contracts based on Ethereum. We propose a method for static design attributes and functions of smart contracts, and propose a technique for designing structures among contracts. Dynamic design proposes a technique for designing deployment, function calls, and synchronization among smart contracts, accounts, and blocks within a blockchain. Experiments verify the validity of the design method by applying the static/dynamic design method through real estate contracts.

• Journal of the Korea Society of Computer and Information
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• v.25 no.1
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• pp.187-198
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• 2020

In this paper, We purpose an improvement plan for the settlement of smart contracts into legal norms through the recognition of the norms of blockchain-based smart contracts and the main influence factors on the norms of smart contracts. First, in terms of the normative necessity of smart contracts, legal protection against technical errors, government-level public relations education, and basic laws governing smart contract business are needed. Second, the contract norms will be accepted by the contract norms based on the blockchain designed to make the responsible material clear in terms of smart contract usability. Third, in terms of regulation of smart contracts, it can be seen that smart contracts are subsumed from existing laws or considering new legislation, but the norm of smart contracts cannot be prioritized over ease of use.

• Journal of Information Technology Applications and Management
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• v.21 no.4
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• pp.97-125
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• 2014

This study investigates the relationship between stock index and its associated nearby futures markets based on the cost-of-carry model. The purpose of this study is to explore the existence of mispriced futures contracts, and to test whether traders can earn trading profits in real financial market using the information about the mispriced futures contracts. This study suggests the concordance correlation coefficient to investigate the existence of mispriced futures contracts. The concordance correlation coefficient gives a desirable result for trading profits that results from a comparative analysis among profits from trading at the time to indicate trading opportunities determined by the degree of the difference between the observed market price and the theoretical price of a futures contract. In addition, this study also explains that the concordance correlation coefficient developed from the mean square error (MSE) has a statistically theoretical meaning. In conclusion, this study shows that the concordance correlation coefficient is appropriate for analyzing the relationship between the observed stock index futures market price and the theoretical stock index futures price derived from the cost-of-carry model.

• Journal of Computing Science and Engineering
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• v.7 no.4
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• pp.251-262
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• 2013

Bad smells are usually related to program source code, arising from bad design and programming practices. Refactoring activities are often motivated by the detection of bad smells. With the increasing adoption of Design-by-Contract (DBC) methodologies in formal software development, evidence of bad design practices can similarly be found in programs that combine actual production code with interface contracts. These contracts can be written in languages, such as the Java Modeling Language (JML), an extension to the Java syntax. This paper presents a catalog of bad smells that appear during DBC practice, considering JML as the language for specifying contracts. These smells are described over JML constructs, although several can appear in other DBC languages. The catalog contains 6 DBC smells. We evaluate the recurrence of DBC smells in two ways: first by describing a small study with graduate student projects, and second by counting occurrences of smells in contracts from the JML models application programming interface (API). This API contains classes with more than 1,600 lines in contracts. Along with the documented smells, suggestions are provided for minimizing the impact or even removing a bad smell. It is believed that initiatives towards the cataloging of bad smells are useful for establishing good design practices in DBC.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.35-58
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• 2013

In Mash & Murrell, Diplock J said that "there is an implied warranty not merely that they shall be merchantable at the time they are put on the vessel, but that they shall be in such a state that they can endure the normal journey and be in a merchantable condition upon arrival." But in The Mercini Lady, Field J said that "the goods would be of satisfactory quality not only when the goods were delivered on to the vessel but also for a reasonable time thereafter." and "The proposed conditions were not excluded by clause 18. ${\cdots}$ clause 18 was not to be construed as extending to conditions ${\cdots}$". In relation to the problems on validity of the goods conformity clauses in FOB contracts, when considering Lord Wright's comments ("${\cdots}$ hence apt and precise words must be used to exclude it: the words guarantee or warranty are not sufficiently clear.") in Cammell Laird & Co Ltd v Manganese Bronze and Brass, FOB contracts are fundamentally one that seller's duty to deliver the goods is completing at the port of shipment and "principle of party autonomy" in Contract Law, I do not think that the terms implied by section 14 of the SGA and Common Law cannot absolutely excluded by the goods conformity clauses in sale contracts. Therefore, in order to exclude the implied terms, the parties must very clearly spell out this in the relevant clauses.

• International Commerce and Information Review
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• v.11 no.1
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• pp.333-351
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• 2009

The American Law Institute(ALI) has presented drafts of "Principles of the law of software contracts" to clarify and unify the law of software transactions. These principles apply to agreements for the transfer of or access to software. Providing these principles means something in software contracts. First of all, these principles seek to limit the scope to cover only contracts involving software exchanged or accessed for consideration, while UCITA includes a wide variety of "computer information". Secondly, this project is "Principles" instead of "Restatement" which means that these principles are not the law unless a court adopts it. This is for flexibility not to hinder law's adoptability of new legal issues that might be created in the future since the software industry has developed. Third, the project seek to balance between software transferor's interest and transferees to permit the use of remote disablement in limited circumstances. These principles, however, should be considered some concerns in the future work. For example, not to be a unconscionable agreement, it is better to suggest the specific click-wrap procedure and be more illustrative about what types of browser-wrap language are acceptable and what types are not.

• The Journal of Korean Academic Society of Nursing Education
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• v.18 no.2
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• pp.268-275
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• 2012

Purpose: The purpose of this study was to implement and evaluate the learning contracts based self-directed learning in a final clinical placement for senior nursing students. Methods: This study was a case study and 82 senior nursing students at a university participated in a learning contract based practice placement. Data were collected from written learning contracts and questionnaires after a clinical practice. Results: The students' learning needs were knowledge, clinical skills, and attitudes frequently encountered in a ward in which clinical skills were most common. The students' formulated learning contracts were varied but most of them were basic and simple. A self-directed clinical course was beneficial and a satisfactory experience to senior students. There was an increase in the students' motivation in learning, confidence in own capability, and satisfaction with the use of the learning contract. Conclusion: Self-directed clinical practicum would result in a degree of attitude change in the students. This study suggests that learning contract based self-directed clinical practice is effective to improve learning satisfaction, confidence in own capability, and competency.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.27
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• pp.3-28
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• 2005

It is common that several kind of claims between the parties are arising in carrying out international construction works. Therefore, it is very important for them to settle the claims effectively in order to get expected profits and purposes in international construction works. In this article, the author have studied on the procedures and contents on the settlement of claims between the parties based on the FIDIC contracts for major works which are newly prepared in 1999 by FIDIC. Especially, the arbitration clause in the FIDIC contracts for major works attempts to deal with a number of complex contractual and legal matters, sometimes in a very harsh way, e.g. by cutting off a party's rights. It has never been an easy clause to understand or to observe. Nevertheless, the author hopes he has been able in this article to clarify for the reader some of the issues raised by it. I'd like to suggest that our overseas construction companies refer to the FIDIC contracts for major works(especially article 20 : claims, disputes and arbitration) directly or indirectly for their contract of international construction works with overseas employers.